TIME sees increased growth in Q1 2019

Jerry Choong

24 May 2019 at 4:41 am

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KUALA LUMPUR, May 24 — Data centre TIME dotCom Berhad has seen increased growth in the first quarter of 2019, posting a consolidated group revenue of RM262.5 million.

The year-on-year growth by 13.8 per cent is due to higher sales recorded from all core product segments, with data and data centre businesses leading the growth by 15.2 per cent and 8.9 per cent, respectively.

“The initiatives that we have put in place will help us to weather a challenging 2019 while we look towards securing future growth,” said TIME’s chief executive officer Afzal Abdul Rahim in a statement.

On March 29, TIME paid an interim ordinary and a special interim tax-exempt (single tier) dividend of 9.25 sen and 11.31 sen per ordinary share respectively, for the financial year which ended on Dec 31 last year.

All customer groups contributed to growth, led by Retail as a result of continued demand for its TIME Fibre Home Broadband service.

It has also intensified efforts to expand its footprint domestically in line with providing better broadband connectivity, and bolstered its domestic network as evidenced by the TIME’s recent achievements.

These include the Ookla Speedtest Award for Fastest Fixed Network in Malaysia, for the third and fourth quarter of 2018, and being the first telco in Malaysia and second in the world to achieve the Metro Ethernet Forum 3.0 certification.

TIME recorded a 3.5 per cent (pre-MFRS 16) increase in pre-tax profit, to RM68.3 million. The increase is mainly due to higher revenue growth across core product segments and customer groups, and a higher share of profit from investment in associates.